Tag Archive for Voluntary Disclosure

There are around 9 million Americans living oversees, and the IRS has its sights set on those expats who aren’t up to date with their U.S. tax filing.

All American citizens and green card holders are required to file a U.S. tax return, however because the U.S. is the only developed nation to tax its non-resident citizens, many haven’t realized that they have to file. Read more

A few years back, we discussed that the U.S. Supreme Court decision on February 21, 2012 decided that lawful permanent residents who have pled guilty to charges related to the filing of false tax returns that resulted in a loss to the government of more than $10,000 have committed aggravated felonies involving fraud or deceit and are subject to deportation (Kawashima v. Holder, U.S., No. 10-577, 2/21/12).

You Are Invited To Be Part of Internet History…

Join TaxConnections as we present incredible Tax Experts on Expatriate Day at the Internet Tax Summit on Monday, September 21, 2015 beginning at 7:30AM (PDT).

Listen to stories from Expatriates around the world and learn from these Tax Experts about what to do to stay compliant with U.S. Tax Laws. Learn about FBAR, FATCA, Amnesty or Quiet “Voluntary Disclosure” of Foreign Bank Accounts, Exit Taxes and so much more. Read more

It is a federal crime for anyone to knowingly and willfully file an income tax return that he or she knows to be false in some material way. 26 U.S.C. § 7207 provides:

Any person who willfully delivers or discloses to the Secretary any list, return, account, statement, or other document, known by him to be fraudulent or to be false as to any material matter, shall be fined not more than $10,000 ($50,000 in the case of a corporation), or imprisoned not more than 1 year, or both. Any person required pursuant to section 6047 (b), section 6104(d), or subsection (i) or (j) of section 527 to furnish any information to the Secretary or any other person who willfully furnishes to the Secretary or such other person Read more

Thousands of Credit Suisse Group AG’s United States clients still don’t know whether tax authorities will learn their identities as prosecutors work to conclude a three-year probe of how the bank helped them evade taxes.

Picture this: You are sitting behind your desk when your phone rings. No, it’s not your spouse calling to find out why you are late for dinner. Although if that was the first thing that came to mind, there might be some hidden meaning in it. Instead, it is a new client. His name is John. John is a resident of New Jersey. John contacts you for advice regarding foreign, unreported bank accounts in the Netherlands. You recommend that John apply to the Offshore Voluntary Disclosure Program.

As part of this process, you file amended federal income tax returns on John’s behalf. John then pays a whopping 27.5% offshore penalty on the highest aggregate balance in his foreign bank accounts during an eight-year look-back period. Finally, John pays additional taxes and penalties for each of the preceding eight years. Read more

The United States Justice Department has received 106 requests from Swiss entities to participate in a settlement program aimed at ending a long-running probe of tax-dodging by Americans using Swiss bank accounts according to a senior US official.

“We won’t be a tax haven for foreign residents,” said Israel Tax Authority director general Moshe Asher at the conference of the CPA Association of Jerusalem conference on December 17, 2013.

He said that the Tax Authority planned to provide information to relevant countries about foreign residents’ capital in Israel, and that these countries will reciprocate about the foreign assets of Israelis. Read more

Current Articles

Banks holding less than $1 billion in assets could receive an exemption from the auditor attestation requirements of Section 404(b) under the Sarbanes-Oxley Act of 2002. Under S. 1962, the Community […]

In a rather swift and harsh judgment, the Ninth Circuit Court of Appeals affirmed a lower court’s decision in favor of the IRS, which assessed an approximately $1.2 million penalty against a taxpayer […]